Crisis Recovery Facility

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News:Asian Infrastructure Investment Bank(AIIB) has set up a US$10 billion Crisis Recovery Facility in the wake of the Coronavirus pandemic.

Facts:

  • Aim: To provide financing to both public and private sector entities within its members facing serious adverse impacts as a result of Coronavirus pandemic.

Additional Facts:

AIIB:

  • The Asian Infrastructure Investment Bank(AIIB) is an international financial institution formed in 2016.
  • Aim:To provide finance to infrastructure projects in the Asia-Pacific region.
  • Headquarters: Beijing,China.
  • Members: 102.India is one of the founding members.
  • Voting rights: China is the largest shareholder followed by India and Russia